Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), was optimistic about opportunities for firms this year in light of the ongoing recovery of the global economy.
He said the Vietnamese government will continue delivering on its global integration commitments this year, including hosting the Asia-Pacific Economic Cooperation (APEC) Summit and executing signed free trade agreements.
However, he also expressed concern over the return of nationalism and trade protectionism triggered by the public debt crisis in several European countries, the migration wave from the Middle East and Africa, the UK’s exit from the European Union (EU), and the US’s new economic policy, noting that the trend would hurt global trade freedom and export-reliant developing countries like Vietnam.
Sharing his view, Associate Professor Vu Minh Khuong from the National University of Singapore (NUS) said a stable export growth, good prospects of tourism and consumption services along with improved business climate are bright spots in Vietnam’s economic landscape.
At the same time, the global economic instability, changes in economic policies, and risks in the new context will pose challenges to Vietnamese firms.
In such a situation, experts underscored the need for businesses to have a sound governance system, a sharp vision and quick strategic moves to grasp new opportunities and manage risks.
Loc urged policymakers to assist the upgrade of operating firms besides promoting startups.
The seminar was co-organised by the University of Economics and Law under the Vietnam National University – Ho Chi Minh City and the Paris Graduate School of Management.